Songa Offshore SE Presentation 3Q 2013 26 August 2013 November 11, 2013
Agenda Financial performance and highlights Songa Vision Organization Operations Fleet and contract update Market update Cat D newbuild project Financing Financial review 3
Financial Performance and Highligts QUARTERLY EBITDA 70 Third quarter EBITDA of 51 million compares to 52 million in second 66 60 quarter 2013 and 50 million in first 59 quarter 2013 56 57 50 52 50 50 51 Earnings negatively…
We continue to build a new Songa under the New Songa Vision Vision: Songa Offshore shall be the preferred International Midwater Drilling Contractor with a strong presence in the harsh environment North Atlantic basin Mission: We…
Building the largest semi submersible drilling contractor on the Norwegian Continental Shelf For sale Semis per Operator on the NCS 8 7 6 5 4 3 2 1 0 * *Polar Pioner leaving the NCS Source: Fearnleys 6
Organization - strenghtened further New organisational structure implemented increased focus Jan Rune Steinsland appointed CFO from 4 November 2013 Mark Bessell appointed COO from 21 October 2013 Project and Technical division…
New focused organization structure Norway
Technical & Project division under ramp up Songa Dee 2014 special survey 2014 planning and preparation on track Preparing to mobilize the CAT Ds to Norway Building a strong and competent project execution organisation
Operations solid performance
Operations Operating Efficiency of Operating Efficiency Norwegian fleet of 95% and 100% Earnings Efficiency of 94% 98% in third quarter 2013 95% 95% 97% 97% 94% 94% negatively impacted by 12 92% 94% 94% 93% 90% days of Songa…
Rig Operating Expenses High due to top drive repair and some project work k /Day Q3 13 Q2 13 Q1 13 Q4 12 200 180 DELTA 166 191 197 138 160 DEE 175 161 179 217 140 TRYM 201 190 107 72 120 k / Day Average 181 181 161 142…
Contract Status 2013 2014 2015 2016 2017 2018 Unit Customer Current Option Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Day rate Day rate Norwegian Continental Shelf Rate end of firm Songa Dee Statoil 353…
Market Update North Sea semi market very strong in spite of increased supply Forecast rig demand from IHS Petrodata shows rig demand growing from 40 to 47 units by 2014 The increase in Worldwide Semi Source: Fearnley Offshore…
Update on sale of Mercur and Venus Both units for sale Units to be sold straight out or taken under management for a period of time after sale Several interested parties Expect to conclude a firm transaction on one or both…
Status Cat D Newbuild Project Building a unique North Atlantic portfolio of midwater drilling rigs 4 identical Cat Ds and 3 existing units
Cat D Newbuild Project Status Q3 No change in delivery costs No change in delivery dates High focus on commissioning and mobilization planning Recruitment, systems and procedures on track Very good cooperation with Statoil…
Cat D Newbuild Project - Schedule Good project progress with construction progress: Construction Progress Equinox Endurance Encourage Enabler August 1 70.1% 65.8% 19.1% 8.0% October 31 75.7% 72.8% 38.3% 12.1% Songa estimate delays…
Cat D Newbuild Project Some Cat D Facts: Cat Ds constructed according to Statoils specifications reduces delivery risk considerably Mutual understanding that Statoil will accept as much as possible of the rigs before Songa takes…
Financing Credit approval obtained for term sheets for the financing of the two first Cat D rigs with pre- and post-delivery financing of 1,014 million Loan facilities are with quality finance institutions including the Norwegian…
Financial Review
Profit & Loss million 3Q 2013 2Q 2013 1Q 2013 4Q 2012 Operating revenue 114 127 125 135 Reimbursables 4 5 3 - Other revenue 13 11 7 5 Total revenues 131 143 134 140 Rig operating expenses 66 76 65 90 Reimbursables 2 4 2 - General and…
Balance Sheet million Sept 30 June 30 March 31 Dec 31 2013 2013 2013 2012 Non-Current Assets Rigs, machinery and equipment 1,335 1,363 1,390 1,372 Newbuilds 561 542 524 507 Deferred tax assets 103 103 103 103 Derivative financial…
Balance Sheet million Sept 30 June 30 March 31 Dec 31 2013 2013 2013 2012 Total shareholders equity 959 957 952 947 Non-current liabilities Bank loans and other facilities 486 524 591 620 Bond loans 345 341 358 373 Derivative…
Capital Expenditures 2013 Operating fleet Cat D project 50 60 2 45 40 50 35 40 30 million 25 million 30 45 20 10 15 20 7 8 4 10 4 10 5 6 10 10 10 1 0 0 Q1 Q2 Q3 Q1 Q2 Q3 Yard Stay Other Capex…
Summary Solid Operations industrial focus Good Cat D project progress and control - no changes this quarter Strengthed organisation with new CFO and COO In negotiation of the sale of Songa Venus and/or Songa Mercur Strong…
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